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EUR/USD puts 1.1100 to the test

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The offered tone around the common currency is gathering traction today, with EUR/USD coming down to test 1.1100 the figure.

    EUR/USD weaker, upside capped above 1.1200

    Spot is coming under renewed selling pressure at the beginning of the week, extending the drop from post-ECB peaks in the 1.1220 area and on its way to re-visit the 1.1100 neighbourhood.

    On the data front, EMU’s Industrial Production figures have surprised to the upside, expanding 2.1% on a monthly bases during January and 2.8% over the last twelve months. Absent releases in the US economy today will leave the pair exposed to the broader risk trends, ahead of tomorrow’s Retail Sales and CPI figures.

    EUR/USD levels to watch

    The pair is now retreating 0.32% at 1.1115 facing the immediate support at 1.1042 (200-day sma) followed by 1.1025 (55-day sma) and finally 1.0820 (post-ECB low Mar.10). On the other hand, a surpass of 1.1218 (post-ECB high Mar.10) would target 1.1339 (high Fe.9) en route to 1.1379 (2016 high Feb.11).
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